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Housing prices take a leap

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www.propertykhazana.com reports says that Mumbai’s housing property rates are going up, even if the purchaser is not in a rush to complete a deal. As said by the sources, there it has 14% monthly fall in the number of flats which got registered in August as compared with the last month and this drift was offering in September also. CFO of Orbit Corporation said that, “As rates rise, clients will also shy away and this has marked from the registration data.” The downturn in demand came after an average monthly raise of 7% from March.
Chief Executive Officer of Liases Foras said to www.propertykhazana.com that, “The fall in auction is obviously noticeable in Mumbai as compared to other parts of the country and it is more noticeable in ventures costing nearly Rs. 3,100 per Sq.ft.”
Because of the global crisis, land rates were impacted fairly gravely and drop by 30% in April and this tendency carried on till the end of the year and rates displayed an affinity of steadiness before. While the economy started to improve, a modification was felt from March.
Director of Kotak Real Estate said to www.propertykhazana.com that, “Many constrained demand had found its way into the market, but with 15% rate increase, ventures were not so attractive.” Builders have raised the rates fastly and this has coerced purchasers to put off their buying plans and builders have just responded to the outlook which went round the demand by speeding up in the housing sector. For more updates on realty market browse www.propertykhazana.com.
Source: NBTVLIVE

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